IEA: OCTOBER OIL MARKET REPORT
The IEA Oil Market Report (OMR) for October reduced its forecast of global oil demand for 2014 by 0.2 million barrels per day (mb/d) from the previous month, to 92.4 mb/d, on lower expectations of economic growth and the weak recent trend. Annual demand growth for 2014 is now projected at 0.7 mb/d, rising tentatively to 1.1 mb/d in 2015 as the macroeconomic backdrop improves.
OPEC crude oil output surged to a 13‐month high in September, the monthly report informed subscribers, led by Libya's continued recovery and higher Iraqi flows. Production rose 415 000 barrels per day (415 kb/d) from August to 30.66 mb/d. A weaker demand outlook cut the "call on OPEC crude and stock change"…
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